My Take

Yesterday morning I posted my thoughts on BAC. At that point in time they were one of the candidates to buy LEH, as you know, things have changed dramatically and now they will be buying Merrill. Whether it’s LEH, MER or IBM, this is the short of the century in my opinion. If they just waited a couple of days they could have got MER for $12 bucks. How silly and irresponsible on their part. All of Asia will be closed tomorrow so I expect a very painful couple of days if not an all out panic.